nsucurrent.com March 24, 2018

United States says China acknowledged goal of reducing bilateral trade deficit

21 July 2017, 12:39 | Colleen Roy

US and China will try to hash out differences on economy

US and China begin Comprehensive Economic Dialogue

Closing press conference by both China and the US stood canceled as the talks between the two countries began on a less than desirable note.

Schwarzman, who also is the chairman of Blackstone, a NY private equity firm, said the summit is to "figure out how we can give advice [to respective governments] that is practical - what solutions could be relatively easy".

Steve Tsang, director of the SOAS China Institute, said US-China relations were at "an unusual stage" because Trump was still short of staff to deal with China and had yet to figure out a clear China policy.

"If this is just the natural product of free market forces, we could understand it, but it's not", Mr Ross said in the opening ceremony of the one-day meeting between the world's top two economies. "China Comprehensive Economic Dialogue", will formally take place on Wednesday.

Ross spoke at the event along with Treasury Secretary Steven Mnuchin and Chinese Vice Premier Wang Yang, in the lead-up to the U.S. Primarily, the United States imports consumer electronics, clothes and machinery while China's imports are mainly raw materials sent to the country for low-priced assembly.

"It means holding the United States and China to a high standard of communicating new and revised policies and regulations so that governments and individuals worldwide can better tailor their policy and investment decisions", the treasury secretary said.

While U.S. high-tech exports to China accounted for 16.7 percent of China's total imports of such products in 2001, the percentage dropped to 8.2 percent a year ago, said the vice premier.

While Trump has put trade tensions on the back burner - at least publicly - if his patience runs out on China he could revive his threat of escalating trade spats.

"Both sides spoke highly of the implementation of the 100-Day Action Plan", Mr Zhu told the press on Wednesday after the conclusion of the CED. "The Trump administration became dissatisfied and lost a little bit of patience with China on some of these things".

The Trump administration could use a national security argument to slap high tariffs on or apply quotas to steel imports not only from China but also from Japan, Europe and other exporters.

Just before the CED, there were reports that the U.S. could further block imports of Chinese steel and aluminum due to China's act of "dumping". (The result of Commerces investigation of steel imports is expected soon.) The rationale was that the American military relies on steel for airplanes, ships and other equipment.

About 20 Chinese and United States business leaders, including Jack Ma of Alibaba Group and Stephen Schwarzman of the Blackstone Group, met on Tuesday in Washington to help push for expanded economic cooperation between the two countries.

The United States will be looking for specific agreements this week from Beijing on the issue of expanding the USA access to the Chinese market, top officials in the Donald Trump administration said on Tuesday. The BIT has seen 33 rounds of negotiations over the last five years, and has been "shelved by the new [Trump] administration". US Treasury Secretary Mnuchin said in early June that the BIT is "on our agenda. I don't think liberalizing that market would lead to an immediate and huge change in market share", Kennedy said.

American negotiators on Wednesday might have demanded that China provide specific data on the issue.

Other News

Trending Now

This is how PlayerUnknowns's Battlegrounds next update gets a lot more hardcore
Creator Brendan " PlayerUnknown " Greene made the announcement on Twitter today, with the updated slated next month for NA/EU solo and duo matches.

A day on the Tour de France
Stephen Cummings was unsuccessful in his bid for a solo win on the 50th anniversary of Tom Simpson's death during the 1967 Tour. Aru gained the yellow jersey by six seconds over Froome and 25 over Bardet.

Views on higher education depend on political leanings, according to Pew survey
Just checking in again: There's still a big partisan divide in the USA over what kind of impact the media has on the country. Even Republicans with college degrees or more education are increasingly disapproving of colleges and universities.

Spice maker McCormick buys Reckitt Benckiser's food brands
Last April, McCormick acquired Australia's Botanical Food Company, which makes the Gourmet Garden brand of packaged herbs. Money gained from selling French's would go to reducing its debt following the Mead Johnson acquisition, it said.

Ginobili to return for 16th season
The team did not release contract details for Miles, who was acquired from the Indiana Pacers in a sign-and-trade deal July 9. That final game in San Antonio acted as somewhat of a celebration for what the Argentinian did for San Antonio .

Commuter complaints few as Penn Station repairs begin
It means those traveling to work from Hoboken and Jersey City will notice an increase in crowd numbers at Path stations. And if you're one of those commuters, you also know that things were not ideal before today's track repairs began.

Why British Grand Prix will remain a staple on F1 calendar
Asked if he had told F1 bosses Chase Carey and Sean Bratches about the idea, Brown says Liberty were open to hearing his opinion. We need to figure out a way for them to make more money, so either we need to create new revenue streams or re-cut the deal.

Mass Effect Andromeda - Free Demo
It's the same trial that was originally available to EA Access members but you won't need a membership to download it this time. Since its launch this past March, Mass Effect Andromeda has been received with mixed reviews .

Frontier Airlines returns to Reno-Tahoe International Airport
Kranenburg said since then, he and others at Will Rogers have been working to get Frontier to return. Tickets for New Orleans , Phoenix and San Diego are now available for purchase.

Samsung Pay adds PayPal as a valid means of payment
PayPal is focused on delivering seamless mobile commerce experiences and extending this reach through strategic partnerships. What's more, PayPal Braintree support also means that online merchants will also support the payment option.